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't want entitlement cut. that sunk the deal because president obama couldn't get his side to come along with it. is increditable from a p.r. standpoint that republicans get attention for being divided. it's actually the democrats more divided. they don't get as much attention. why is that? >> eric: they want to take shots. on the right, republicans and the right, there is another divide. you have a divide on the right that says fiscal conservatives saying don't raise taxes or close loopholes or do anything to increase re-knew. the establishment republicans say we need to work it. >> bob: deductions will be on the table. what is the difference between raising rates -- if you take desuction out, they have fewer in the pocket. wealthy people have fewer dollars in the pocket. raise the rates, less money. >> andrea: economy is more sensitive to playing with the marginal rates than deductio deductions. >> eric: if you let the bush tax cuts for over $250,000 expire, $80 billion. deficit of $1 trillion a year. you are only 18% of the way. you are still missing 82% of the pie here. that is the n
tim geithner will. regardless of the no-show tomorrow, president obama is hopeful to get a deal done by christmas, not inspiring confidence for pushing small businesses as key democratic leaders refuse to put entitlements on the table. for more on all of this, republican congressman langford of oklahoma. congressman, welcome back, always great to have you here. >> thank you very much. gerri: president with strong words for congress. here's what he had to say. >> if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next wreer. right now, as we speak, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. gerri: there's the president calling out congress. what do you have to say, congressman? >> yeah, here we go in the middle of this. the house passed all our tax things in april. we passed the sequestering documents in may. we waited for the senate since may to reciprocate on that. the senate and white house sat on it, and they said we'll see you in the lame duck period. now it's lame
and medicaid. will they give president obama room to negotiate some kind of deal that gets through this hell coming january 1st. they say they won, the other side lost, they're going to fight. >>> plus democrats are moving to end the so-called silent filibuster which republicans have used to quietly say if you don't have 60 votes, you ain't going nowhere. this is the big question, if they're successful, it's possible, it's possible the democrats will be able to get some things done. we'll talk about that in a minute. they're going to be just like jimmy stewart finally. they're going to force them to actually filibuster like they did in "mr. smith goes to washington." anytime they really want to shut down the senate. >>> and the democrats considered least likely to win back her senate seat beats the odds, and i think thanks to todd akin, and is back for a second term. our friend, the great claire mccaskill, joins us tonight, the senator from missouri. >>> what's the first sound you hear after a democrat wins a presidential election? a republican crying fraud. tonight, the latest republican fa
of gold so when gold falls you get a double. dave: the gold continues to tick and the debt deal. president obama says quote-too import for washington to screw this up about what they do? bill harris, the ceo of into it and paypal tells us how to protect yourself before the year ends. liz: the ceo and president of the national federation of independent business, read smaller business. his pleas to congress to lower tax rates on business income, you hear about the big ceo writing letters to congress and the president, his group wrote a letter and are ready to make noise. we will tell you what drove the market in today's data download. stocks rebounded after falling triple digits in the first hour of trade, hints of a potential debt deal end, more quantitative easing, pushed all the way into the green. the wall street journal about 21 minutes ago running a story about the federal reserve, q e 4 will be announced december 12th. the dow, andy and nasdaq end trading day near session highs. all ten sectors higher for the first time in two months. consumer discretionary and energy were the top per
deal and the buyers poured in. president obama took the mic about 19 minutes later the market hesitating at that point, the president said he wanted to get things done by christmas. and then the federal reserve look, it did not dim the hopes of the bulls. they talk about the economy standing at a measured pace with moderate consumer spending. optimistic and moderate to words they relate. the true standout today. costco with the one-time dividend taking the stock to new highs today. this has been a really beaten-down name up sharply, and coach is looking pretty fashionable as well. look at gold colored one point it was down $35, it is losing some of the shine, oil taking a hit down to a one-week low, budget concerns on crude, and we will see right now what is going on with gold. let's see what they make of the midday reversal. closing higher, just one big year. this unique group and the nymex, this is pretty significant, isn't it? the politicians would open their mouth and the market rallies, that never happens. >> this is really a pretty good rally when you consider where we c
unified in their approach. they are all on the same page. the president was reluctant to agree to a deal cutting medicare and medicaid benefits. president obama is seeking $1.6 trillion in additional revenue over ten years and $340 billion in health care savings. the time says the deal would not affect benefits. that's the keyword, benefits. the president and some democrats in the congress are willing to squeeze savings from medicare by trimming payments to drug companies, hospitals and other health care providers. they are ruling out structural changes that would increase costs for a typical beneficiary. this is what it's all about. the money. who is going to get it? senator dick durbin. a little more specific today. he said progressives, that would be you and me, should be willing to talk about ways to ensure the long-term viability of medicare and medicaid but those conversations should not be part of a plan to avert the fiscal cliff. democrats are prepared to discuss reforms to medicare and medicaid, but not right now. fox news tried to get budget committee chair member congressman c
and federal budget cuts that will be imposed unless president obama and congress can make a deal on budget reform. not even everyone in the president's own party is with him on this and nancy cordes is on capitol hill for us tonight. nancy? >> reporter: scott, a rift has opened up between the white house and liberal democrats over what should be on the table in these talks. some democrats even say they're willing to let all the bush tax cuts expire, at least temporarily, even if they don't get the deal they want. senator patti murray of washington state is one of them. she says negotiations should focus far more on raising tax revenue than cutting spending. republicans are calling democrats like you "thelma and louise" democrats because you've expressed a willingness to go off the fiscal cliff. >> i'm willing to take a very tough stand and say to those on the other side that we are not going to accept an unfair deal that hurts middle-class america today and protect the wealthiest americans. period. >> reporter: in the house, at least 42 liberal democrats have signed on to a bill requiring
time obama and boehner tried putting together a big deal over the budget, that completely collapsed and this time around, the american people are getting less and less optimistic that congress will be able to reach a deal before the tax hikes and spending cuts kick in just 33 days. it is going to look bad for congress if they cannot get this done and some republicans are saying it's time to give in. politico's also reporting oklahoma representative tom cole told his g.o.p. colleagues yesterday to move forward with the president's he plan to extend the tax breaks for everyone except the top 2%. cole said that he does not agree with raising taxes for anyone but that it is time to take care of the majority of the american people first and fight for the wealthy later. that bill made it through the senate back in july but it still has not made it through the house. we're right back. you're about to watch an viewer created ad message for little caesars who proudly salutes united states veterans everywhere. >> clarksville is a small
to be needed to get a deal done by christmas which is what president obama said he wanted. >> we will see. we'll continue to monitor the headlines that are coming out of this news conference and the market's response to it. we were up at the highs of the trading session a short while ago, up 86 points. right now the dow is up 76 points. >>> coming up in the next hour -- 54 companies announcing special dividends in november. real motive behind those is coming up on "street signs." back in a moment. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car
president obama want a deal. >> this is not good for our country. it's as simple as that. you know me. i'm an optimist. >> reporter: they are promoting a reference to the middle-class tax increase if the bush era tax cuts are not extended. >>> new this morning, we're learning that mitt romney is going to the white house tomorrow. president obama is going to have a private lunch with his former rival to make good on a promise the president made in his victory speech. he said the two could talk about how to work together to move this country forward. and while in washington, romney will also meet with his former running mate, paul ryan. >>> the florida societyite at the heart that scandal -- socialite at the heart of that david petraeus scandal is speaking out. jill kellley hired an attorney. her lawyer wrote to the u.s. attorney aoffice in tampa -- u.s. attorney's office in tampa. >>> back here at home, overnight, a san francisco house fire was put out in the ingleside district. it started on the top floor of this home on capital avenue and lobo street around 10:30 last night. there were
cliff immediately but sm something in a long-term deal and president obama made it clear he wants reform. the devil's in the details and republicans want some major restructuring. democrats really mostly want to deal with the margins but there does seem to be a sense that democrats are saying to their base, look, we might be able to de-couple the bush tax cuts, have a victory and require us making a few sacrifices coming to some entitlement programs. >> we saw speaker boehner take exception to what congressman cole said regarding taxes. have we heard democrats take exception to senator durbin, the prepared remarks versus what he actually said and word that there could be a transformation of some sort to medicare? >> we heard from democrats and like the previous guests saying, look, we shouldn't look at social security. in fact, the white house is in agreement with that. they don't believe that social security is a driver of the deficit. on the other hand, you ended up seeing where -- how do you end up tweaking medicare? do you raise the eligibility age? new poll by "the washington post"/
an early loss. the dow was down 100 at one point. stocks are higher now after president obama said he believed lawmakers could arrive at a framework of a deal to avoid the fiscal cliff. one analyst said we're all on pins and needles waiting for every bit of news or rumors coming out of washington. the dow is up 79. the nasdaq is up 14. s & p is up 7. >>> 400,000 unemployed californians are also closely watching the fiscal cliff negotiations in washington, d.c. that's because emergency federal unemployment benefits are due to expire december 29, unless congress extends them. in california notices of the possible loss of benefits are in the mail this week. >>> powerball ticket sales are soaring today as the clock ticks down to tonight's drawing of a record jackpot. people all over the country are joining the rush to get rich. the powerball pay off has ballooned to more than $550 million. it's still growing. there are no powerball tickets sold in california. one of eight state that is don't sell powerball tickets. many are are relying on out of state friends to buy them a ticket. others
president obama and the republican leaders trying to reach a deal to avoid the crisis. the number two man, durbin of illinois tad saying nothing should be left off the table in search of budget cuts, and new sources of revenue, the assistant majority leader allowing the changes in the president's signature legislative achievement should be on the table. that's right, obamacare. >> put everything on the table. repeat, put everything on the tail, not just taxes and revenue, but spending cuts and entitlement reform. the only perfect law i know was carried down a mountain by senator moses. lou: what should be positive words for republicans tempered by the fact that senator durbin has no standing as the president's representative in the negotiation, and harry reid is telling a far different stories. john boehner and his caucus, the target, again, of senator reid's blame game. the senate majority leader insistent that republicans are the only onee in the way of the deal. reid asked point blank what the first thing would be, and he offered this curious answer. >> well, remember, we've already do
. continue to fight against any rate increases. continue to try to work for a much bigger deal. >> could this be the sign of an evolving republican party? one that will relent on tax increases to make a deal with president obama? house speaker john boehner said no way. >> i told tom earlier in our conference meeting that i disagreed with him. you're not going to grow the economy if you raise tax rates on the top two rates. it will hurt small businesses and hurt our economy. >> joining me now from washington, d.c., the democratic senator from washington, patty murray, a member of the senate budget committee. it is great to have you on the program. >> well, thank you, alex. nice to chat with you. >> senator, let's talk about the fiscal cliff. increasingly we are referring to it as the fiscal curve, possibly among some folks in our circle, the fiscal mole hill. you have advocated going over the fiscal cliff as a way for both democrats and republicans to make a deal and i will call to mind -- i will call to everyone's attention comments you made at the brookings institution this summer when
or 80 points at noon as president obama said he was trying to make a deal on the fiscal cliff by christmas. that's what the market wants to hear, they want a date. then we had a little bit of move towards the close as we heard qe-4 may be coming at the next fed meeting. that would be no surprise. we've been talking about that for a while. take a look at housing stocks. they did not participate in the rally. unusually down beat news here from the october new home sales. september revised to the downside as well. i think the problem here is the inventory of new homes is very limited right now in a lot of parts of the country. that limited the up side. retail stocks had a good day. express had positive comments as well as american eagle. >> thank you, bob. labor making its voice heard on the fiscal cliff. we're going to speak with the head of the service employees international union, seiu. they're hot on protecting social security, medicare and medicaid from any cuts in the friscal cliff negotiations. >> ceos meeting with president obama at the white house. that pow wow kicking
the briefing now. he'll face questions on whether president obama this is spending cuts should be part of that deal. he has previously said it was on the table. now he is saying this is all about tax hikes on the rich period. w-pd to thwhat happened to the spending cuts? we will have a live update from the white house a little later in the show. we will be monitoring this. another story developing in washington right now in a new round of senate meetings for u.n. susan rice. she is going back after yesterday, it didn't go so well, she is going back. she will answer questions about the white house response to the consulate attack in benge, libya on 9/11 of this year. many political observers think she is trying to win supporters for a possible nomination of secretary of state. she would have to be confirmed in the senate. senator bob corker earlier said miss rice's statements may prove she is too political. the meeting between susan collins, she expressed concerns too. she is not known as a republican fire brand but she expressed concerns. these meetings come a day after three top repub
getting a deal before the new year brings automatic tax hikes and spending cuts. president obama offered his optimism at an event with middle-class americans who'd be hit by any tax increase. >> i'm glad to see-- if you've been reading the papers lately-- - that more and more republicans in congress seem to be agreeing with this idea that we should have a balanced approach. so if both parties agree we should not raise taxes on middle class families, let's begin our work with where we agree. >> brown: one such lawmaker is republican house member tom cole of oklahoma. the journal "politico" reported he's urging colleagues to extend middle class tax cuts but allow tax rates for top earners to rise for now. that's what the president wants, but republican leaders have called for raising revenues by closing loopholes and capping deductions. and this morning, house speaker john boehner said he'd reinforced that position to congressman cole. >> you're not going to grow the economy if you raise tax rates on the top two rates. it'll hurt small businesses, it'll hurt our economy, it's why it's not
from you. >> obama and reid and nance than plan to spend a great deal of money they did, then they asked to come back and ask republicans to put their fingerprint on a tax increase to validate hire level of -- a higher level of spending, whether they turned and asked the republicans would they please, as they were willing to in '82 and '90, raise taxes so the democrats could spend all of the money, the democrats said no, they said no several times, and they said, no, no, people said why,ome republicans said, i made a commitment to my voters, in writing not to raise taxes, behind closed-doors you can give somebody goodies but you cannot undo a commitment they make in writing to their voters, they decide since atrshares that pledge with all candidates, republicans and democrats, maybe if they attack me, that would make the pledge go away. the problem is, as handful of congressmen as you point out, know they say, well, i would like ta raise taxes, and they look at me like i'm going to tell them it's okay? don't talk to me. neil: here is my theory, i think there is more to i
for that in these negotiations that take place. >> senator durbin said he thinks that president obama won't include a deal - [inaudible] >> first of all, the debt ceiling. we would be foolish to work out something on stopping this from going over the cliff and then a month or six months later the republicans pull the same game as they did before and say we aren't going to agree to increasing the debt ceiling. i agree with the president. it has to be a package deal. what was your other question? [inaudible question] >> there are things we have already taken care of, the first of april and take a look at that stuff. that's not essential. [inaudible question] >> we can't do anything with the disaster aid package and i'm told it will be tomorrow or the next day. [inaudible question] >> republican, ok. you said what's holding it up? i said republicans. talk to the republicans. it's up to them. [inaudible question] >> i have said on a number of occasions the internet poker bill can move forward if we get 15, 17 republican votes. this stage, we have gotten none. >> you talked to the president over the weekend.
the two sides remain deadlocked president obama is taking his case to the american people trying to drum up support. republicans are complaining that instead of being out campaigning he needs to sit down with them and work out a deal. it's a short drive up pennsylvania avenue from the capital to the white house but congressional republicans and president obama are getting farther apart in their effort to keep the nation from veering off the so-called fiscal cliff. a series of tax hikes and spending cuts due to kick in at the end of the year. >> seems like our friends on the other side is having difficulty turning off the campaign. >> reporter: the white house says the campaign gives the president support from the american people. >> the election was conclusive in terms of which path a majority of the american people want to take. >> reporter: president obama will try to build more support when he meets with middle class americans here in washington today. he'll ask them how the fiscal cliff could impact their lives. on tuesday he invited small business owners into the oval office to offe
is meeting with president obama at the white house today, part of a ceo roundtable to help the president avoid the so-called fiscal cliff. if there is no deal we will all see tax hikes and government will cut spending beginning january. president obama has also called apple's ceo cook to get his input. >>> 5:17. first of a series of storms is arriving in the bay area now. >> not that we want to panic when the national weather service calls it a river of rain -- >> many terms, atmospheric river, pineapple express, we don't like those terms. it puts everybody in a panic we will get through this. live look right now from our sutro camera, wind warning along the coast. you can see heaviest cells offshore from the north coast, mendocino, sonoma, marin light rain around the bay continuing to develop. closer look from sea ranch, fort ross, highway 1, bodega bay, wet around windsor over the richmond san rafael bridge, lighter returns the blue here pinole wet weather into the east bay 680 looking at wet weather as well as milpitas and down around the south a from pescadero. wind advisory is going
next, with the fiscal cliff just 35 days away, congressional loerds say president obama isn't doing enough to make a deal. senator mark warner, the third wealthiest man of the senate, outfront on tax rates and whether the president needs to take a bigger role. >>> plus, the u.n. ambassador to the u.s. susan rice, admits the talking points she used after the benghazi attack were wrong. republicans call her answers troubling. >>> and a former mayor spent her life taking on thugs in her town. her fight and her life tonight are now over. let's go out front. >>> good evening, everyone. i'm erin burnett "outfront" tonight, where in the world is president obama? it's been 11 days since he met with congressional leaders on the fiscal cliff. and with impending doom as a lot of people describe it, just 35 days away, key lawmakers say the president hasn't worked hard enough with them to broker a deal. >> rather than sitting down with lawmakers of both parties and working out an agreement, he's back on the campaign trail presumably with the same old talking points that we're all quite familiar
. police say it was gang related and luckily nobody was hurt. >>> and president barack obama is visiting with dozens of ceos and he will talk about how to deal with that looming fiscal cliff. the president will meet with middle-class americans who will see their taxes go up if congress does not take action. >>> egyptians are once again expressing their anger towards president mohamed morsi. 200,000 people were there yesterday and they are protesting the decision by the newly elected president by granting sweeping powers. again, people out there have a live look and protesters have clashed with police and just today the highest appeals court are now suspending their work until president mohamed morsi rescind his decree. >>> in san diego chile, the new law would establish fishing quotas which discriminates against them in favor of large scale operations. they also say it. >> would require them to use gps which a system they can't afford. >>> rice is trying to explain why she gave what she now acknowledges is an incorrect explanation of the 9/11 deadly attack on the u.s. consulate. she did
bigger deal. >> the former spokeswoman for president bush, dana perrino, says republicans have lost the argument. >> if i were president obama, i'd be doing the exact same thing. >> why? >> he's got republicans on the rope and he knows it. republicans seem to be a little bit in disarray. and not for a good reason. they did lose. >> exactly. the republicans lost this election. and what we're witnessing is is them losing the fight over fairness. >> the senate's already passed a bill that keeps income taxes from going up on middle class families. democrats in the house are ready to vote for that same bill today. and if we can get a few house republicans to agree as well, i'll sign this bill as soon as congress sends it my way. i've got to repeat, i've got a pen, i'm ready to sign it. i'll go anywhere and i'll do whatever it takes to get this done. it's too important for washington to screw this up. >> millions of americans agree with the president, republicans better get with the program or get out of the way. joining me now is joy ann reid, and ana marie cox, washington correspondent
. and then it's back to the campaign trail for the president on friday as barack obama attempts to sell his budget plan while speaking at a toy factory outside of philadelphia. yesterday chuck todd asked jay carney if the president was running out the clock ahead of the last minute deal. >> isn't everybody just killing time until the deadline comes? can seems like everybody is just -- >> they're not killing time to me, chuck. >> until the final week and the jet fumes, people get out of school and the holidays come and then everybody will actually hammer it out? >> look, here's a fact. the president has on on the table a proposal that reduces the deficit by $4 trillion. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he has actively put forward a plan. >> top republicans are saying president obama should be spending less time politicking out in the public and more time working behind closed doors in washington to try to hammer out a deal. >> rather than sitting down with lawmakers of both parties and working out an agreement, he's back
some sort of deal. now we just heard from president obama who talks about extending, obviously, the tax cuts for the middle class. yesterday, when we heard from harry reid, that made the market sell off. these comments are market moving events. dennis: thank you. as for oil, it has been in the red for much of the morning. phil flynn standing by at the cme. >> a great day and oil today. we are down because of the fiscal cliff worries. we actually got a smaller than expected build and oil. we have a negative and oil. that normally would have normally been very, very bullish. it was huge. almost 3.68 million barrels. what is happening here is we saw a drop of 1.5 billion barrels. they could not get into new york harbor. they are showing up on shore in a big way. back to you. dennis: thank you. cheryl. cheryl: this could cost tens of thousands of jobs. dennis: toyota takes it turned out the auto show. first, let's take a look at the world currencies and the u.s. dollar. ♪ this is america. we don't let frequent heartburn come betweeus and what we love. so if you're o of th people who gets
be visited by president obama as he makes his case for raising tax rates on wealthier americans as part of a larger deal with congress. and while the president is not trying to provoke anger necessarily, he is trying to drum up passions for his proposal. meeting with small business owners today such as texas crop duster manufacturer, david ikert. >> there was a lot of talk in the room about certainty. small business wants certainty so they can plan, strategically look at how we move forward. >> reporter: and releasing these showing them pleading for their tax cuts to be extended. >> if you take away the $2,200 from my paycheck, it would severely impact my family. >> reporter: while those for wealthier americans are allowed to expire. >> we're not going to solve this problem by creating villains and drumming up outrage. >> reporter: republicans today slammed the president for outsourcing the negotiations to treasury secretary tim geithner and other members of his administration. >> rather than sitting down with lawmakers of both parties and working out an agreement, he's back on the camp
harder to make a deal. shep. >> shepard: mike emmanuel on capitol hill. the white house and president obama will be making their case to regular americans this week. republican leaders say he should be negotiating, not campaigning. he's not the only politician planning a fiscal cliff road trip. we'll go to the white house and the fox report coming up in a bit. first, hours ago, more than 200,000 people crowded into the central square in cairo to call for an end to the new egyptian leader's regime. it was an enormous show of strength from the opposition that spent days blasting egypt he is new president, morsi. he upset just about everybody last week when he decided to give himself broad new powers that say his decisions don't need approval from any court. essentially he's above the law. really no different than a dictator. protests showed their across the country, some of them violent. street fighting this between demonstrators and police. president morsi tried to calm the criticism by promising to reserve his new powers for only the most important decisions. but that didn't appease t
's tax rates were lower. it was renewed in 2010 in a tax deal between president obama and congressional republicans at a time when the economy was weak and the feeling was they could not take an increase in taxes. host: what was the desired effect and did it happen? he called the desired effect was to give people more of their income back, and that happened, as wealthy people got more income back, more moderate income earners got some back. one of the questions is how it effects economic growth, and it is an unresolved area of economic research. did it did help the economy -- did it help the economy? it is hard to say. we had a good economy in the 2000's before the crisis. now we have a huge crisis. on balance, it probably did not help that much. host: can you calculate if jobs were created? guest: you really cannot. no one has done a long-term view. you could say over one or two years what is likely to happen, but over eight or 10 years, economists struggle to come up with a tax policy affects the trajectory of the company. host: what will happen in january of 2013 if the tax cuts are
by the day tax increases and deep spending cuts take effect in five weeks. if lawmakers cannot reach a deal. with little progress being made in washington president obama is hitting the road. at paine has the story. >> the mood was optimistic earlier this month when president obama met with congressional leaders to work out an agreement to avoid this cliff. now the president is taking his case mr. obama met with small-business owners tuesday. today he hosted an event with middle-class americans and sits down with some of the nation's top ceos. friday he travels to a manufacturing plant in pennsylvania senate minority leader mitch mcconnell question the president. >> president saddam the law makers and working out with the agreement is back on the cam best-president obama >> the president got input outside the beltway. he wants to continue the conversation when business leaders, small business leaders, civic leaders, and labor leaders because everyone has a stake in this. >> lawmakers have just over a month to reach an agreement to keep the country from going over the so-called fiscal cliff.
alternatives. > > thank you. president obama hits the road this week to talk directly with americans about budget plans, possibly in hopes of putting pressure on his republican opponents to compromise on a budget deal. the president will meet with middle class americans today at the white house and then travel to the suburbs of philadelphia friday. top ceos from across the country including llyod blankfein of goldman sachs will be talking with congressional leaders on the hill. those same ceos will then meet seperatly with the president. despite signs that negotations between the gop and president obama may be faltering, the white house spokesman is putting out an optimistic tone. "i would point to comments by members of both parties that demonstrate, i think, significant movement toward compromise that, as i have seen and as you and others i'm sure have reported on, demonstrate a change in tone." the president and republicans have just 33 days to avoid another recession. at the end of the year, tax breaks expire and drastic spending cuts are due to take effect. bracing for those higher ta
in a tax deal between president obama and congressional republicans at a time when the economy was quite weak. and the feeling was that the economy couldn't take an increase in taxes at a time of fragility. host: what was the desired effect and did that happen? guest: the desired effect was, one, to give people more of their own income back and that certainly happened. different levels across the income scale. so wealthy people got a lot more income back. people of more moderate means or lower income people got some back but not quite as much. the second goal was to generate economic growth. now, one of the big questions about tax policy in general is how does this effect economic growth? it's a very debated and unresolved area of academic research and economic research. did it help the economy? it's very hard to say that. definitively. and the -- on the one hand people did have more money and we did have a regionally good economy in the 2000's before the crisis. on the other hand, stock growth wasn't so good. median incomes weren't so good. and of course we had the huge crisis at the en
on asian trade. in the meantime, president obama will continue his pr offensive. but congress remains at odds to avoid a budget deal to avoid the fiscal cliff. markets were spooked yesterday when harry reid said little progress has been made. the president today speaks at about 11:30 eastern on how potential tax hikes will hurt the middle class. obama will meet with the second group of ceos at 4:45 p.m. to get their input on how to solve the crisis. the group will include brian roberts, and yahoo!'s marisa meyer. for more, we're joined now by charles deebel. the president meeting today over the fiscal cliff. really the reason for the underperformance we've seen, not just in u.s. equities, but actually worldwide overnight. >> i think so, i think there's really a reevaluation with respect to europe going on as well, and having had a greek solution. and then they start to look at the rest of the eurozone, particularly spain. so you deal with one issue, but there are still plenty more stacked up behind. so that didn't help. but yeah, those comments clearly not constructive. it is the numb
. this hour president obama will speak live at the white house flanked by middle-class families whose household budgets depend on congress reaching a deal by january 1st. his latest effort to use his bully pulpit. nearby on capitol hill, both parties are meeting behind closed doors at this very minute. each side hashing out where they are willing to compromise and where they are drawing the line in the sand. >>> the other big story we're watching for you, a second round of sitdowns for united nations ambassador susan rice, who's in an all-out campaign of her own to face her critics. after three republicans issued blistering comments yesterday, this morning rice is meeting with republican senator susan collins of maine and in an hour is expected to meet with senator bob corker of tennessee. rice's harshest krit eks are still vowing to block her potential nomination as next secretary of state. >> i think everybody gets to, one, be nominated, and, two, go through the hearings and the debate and discussion. but right now i would be very hard-press hard-pressed. >> what they're suging is t
. >> these guys have done this before. all the same people have sat around trying to make a really big deal and came away with a bitter feeling about it all. >> greta: get over it. that's your job. get over it. >> yeah, but remember that president obama said you can't change washington from the inside, so i guess he has to go outside. in all honesty, they've been discussing these issues. they could get a deal in two or three days. these are not issues. it's political will. it's convincing members. this will be one of the toughest votes we've seen in decades, whenever some deal comes to the house and senate floors. >> greta: how about the debt ceiling? >> that's brought back into this. we'll do it again in the spring. democrats say it has to be part of the negotiatek now, because we don't want to go back to all of this again. >> greta: we hit the debt ceiling at the end of december when they're home, so they want to do it now so they don't have to come back at the end of the year. >> it's a different dynamic, republicans are willing to play more around the debt ceiling. that's one reasons th
before taxes. >>> the looming fiscal cliff is one reason you may want to take that lump sum. if no deal is reached, and taxes go up, most financial advisers say that could cost the winner millions. >>> and with that fiscal cliff ahead, president obama is mounting a full-court press, making his case for higher taxes on wealthier americans, even as critics accuse him of being back in campaign mode. he'll meet today with mittle-class meshes who taxes will go up if there's no deal by the end of the year. and he talked to high-powered ceos about cutting the nation's deficit. >>> susan rice, who is the front-runner to be the next secretary of state, is back to capitol hill for more meetings with some of her harshest critics. the topic this time, her comments after the attack on the consulate in libya on september 11th. tahman bradley has the latest from washington. >> reporter: u.n. ambassador susan rice faces more tough diplomacy on capitol hill. rice is the leading candidate for secretary of state in president obama's second term. but prominent gop lawmakers are trying to stop her from gett
. president barack obama meets with more than a dozen ceos of high profile companies and he wants to get their input how to grow the economy and how to deal with that looming fiscal cliff. they are saying taxes will go up if congress does not act. >>> still on the scene of a fire that may have been intentionally started inside a classroom at alameda high school. brian flores joins us with more on why the fire was considered suspicious. >> reporter: it looks like police investigators are here now continuing to gather any evidence they can from this suspicious early morning fires. now let's go to video we shot earlier this morning. according to investigators, the fire started roughly around 3:00 a.m. this morning and one of the classrooms had flames coming out of it from a nearby window and they quickly put it out but what they found was one of the windows was opened and it leads officials to believe it is suspicious in nature. >> we had a fire alarm at the alameda high school and we came here and found a fire and put the fire out and the fire is suspicious in nature. >> reporter: now in t
cliff deal. the debt ceiling that obama plans lump into every month or so for the next four years provides plenty of leverage for the gop to trade for spending cuts, as done in 2011, or continuing the lower rates. are you willing to do that, use the debt ceiling in this as leverage? >> well, what i'm willing to do, is to talk about, and a very serious conversation, which i don't believe we're really having here on the hill right now, and that is we have a spending-driven problem. you can't keep on spending a trillion dollars more than what you bring in every year. and until we look at both sides of this issue, and a balanced approach on this where we're looking at what is driving the debt, and making sure that we're balancing our budget, it's both revenue, and spending. and we've got to talk about both of those and we've got to be serious about, look, these are difficult kmpgss, because you're talking about entitlement reform, which any time you talk about taking something away or changing, people get nervous. but it's got to be done for the benefit of all americans. current ameri
about their closed-door meet ings on the fiscal cliff. at 11:30, president obama will make remarks at the white house surrounded by middle class americans who he says would see their taxes go up if congress can't make a deal. later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president has been making. he says this has to get done. it is a sign the democrats' arguments are working? is tom cole an outlier among republicans? what's going on? >> it's a sign of the diversity in the republican party and that's something that president obama's team is trying to work on. they're trying to develop divisions and to break the logjam, the big showdown that's going on between speaker b
ought to be there in perpetuity. >> we are not going to accept an unfair deal that hurts middle class america today and protects the wealthiest americans. >> reporter: the president and congressional leaders have no talks scheduled for this week. susan mcginnis, cbs 5, washington. >>> president obama will continue his push for public support this week. he is set to meet with big business leaders and then on friday will hit the road traveling to pennsylvania. >>> the u.s. ambassador to the united nations is back on capitol hill today to meet with more lawmakers. susan rice is trying to explain comments she made shortly after the attack on the u.s. consulate in benghazi, libya. yesterday she met with three of her strongest critics in the senate including arizona republican john mccain. rice initially said the attack had grown out of a spontaneous protest. now she says those were the talking points that u.s. intelligence had given her. >> we're going to get to the bottom of this. we have to have a system we can trust. and if you don't know what happened, just say you don't know what happ
." >>> president obama ramps up the sales pitch on his fiscal cliff picks. will public pressure push republicans into a deal. one leading house republican who happens to be a former pollster takes a very vocal position on what he thinks his party needs to do and to do now. >>> u.n. ambassador susan rice's attempt to smooth things over doesn't go over as well as she or the white house would have liked. guess who stepped out to vouch for her. none other than a retiring amigo, senator joe lieberman. >>> and new numbers on a hypothetical matchup for 2013 that would be sure to get some votes. what would happen if cory booker took on chris christie. that's not the only big 2013 news this morning on the campaign front. good morning from washington. it's wednesday, november 28, 2012. this is "the daily rundown." i'm chuck todd. right to my first read of the morning. so is washington just running out the clock until about ten days before christmas when everyone smells the jet fuel and gets ready to cut a deal to avoid the so-called fiscal cliff? some days it feels that way. the president is stepping up h
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